BRCC stock price may leave the declining streak as buyers are trying to provide the required uptrend predicted by Wall Street analysts. However, BRCC shares need to attract buyers at a higher rate in order to skip the declining streak. BRCC share price has been declining since September 7, slipping from the $4.80 mark.
Now investors need to wait if Black Rifle Coffee Company’s coffee aroma can attract buyers and push BRCC stock upwards. Meanwhile, BRC stock needs to rebound from the current level to initiate its recovery phase.
BRCC stock price was at $2.73 and lost 5.54% of its market capitalization during Friday’s trading session. Trading volume was above average under full influence of sellers, demonstrating the higher accumulation rate of sellers to pull BRCC shares down. Trading volume needs to increase in favor of buyers during Monday’s trading session.
BRCC Stock Price is Oversold
BRCC stock price has been slipping in a strong downtrend over the daily time frame chart. Meanwhile, volume change is above average and under the influence of sellers during Friday’s trading session. Buyers need to come forward for the rescue of BRCC share price. Meanwhile, BRCC shares slipped below 20, 50, 100 and 200-days daily moving averages. Wall Street analysts predict a potential rebound of BRCC shares from the lower levels.
BRCC stock has seen a significant decline in recent times, with a 13.06% drop in just a week. This trend continues over the monthly, quarterly, and yearly periods, with losses of 36.36%, 46.05%, and 55.97%, respectively. These statistics highlight the challenging performance of BRCC shares in the current market.
Technical indicators highlight the oversold condition of BRCC stock price. Relative strength index shows the oversold status of BRCC. RSI was at 28 and is struggling to leave the oversold territory. Investors in BRC Inc. (NYSE: BRCC) needs to wait for any directional change over the daily time frame chart.
Summary
BRCC stock price may leave the declining streak as buyers are trying to provide the required uptrend predicted by Wall Street analysts. Meanwhile, BRC stock needs to rebound from the current level to initiate its recovery phase. Meanwhile, volume change can be seen above average and under the influence of sellers during Friday’s trading session. Technical indicators suggest the oversold condition of BRCC shares. Investors in BRC Inc. (NYSE: BRCC) needs to wait for any directional change over the daily time frame chart.
Technical Levels
Support Levels: $2.60 and $2.50
Resistance Levels: $3.00 and $3.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/14/brc-inc-brcc-stock-price-to-leave-declining-streak-wall-street/